San Jose, California-based Functionize announced on Tuesday that it has closed a $16 million series A round of funding that was led by Canvas Ventures.
Functionize's artificial intelligence and cloud-based proprietary natural language processing (NLP) solution was designed for enterprise-level software testing.
Companies use Functionize's testing platform to automate the process of testing web applications. It also integrates with popular CI/CD tools such as such as Jenkins, Jira, Heroku, PagerDuty,TeamCity, Go, Travis CI, Github, Spinnaker, and Bamboo.
The company's customer roster includes Cisco, Hyundai, TOTVS, Zenefits, and Agvance and while its partner ecosystem is comprised of Google, SHI, Wipro, Marlabs, and SQALogic.
Functionize will use the latest round of funding to fuel the market adoption of its NPL solution while also growing its employee base. The company was founded in four years ago and currently has over 50 employees. Functionize anticipates additional rounds of funding, according to an email to FierceTelecom
“Our customers are technology leaders which see the wisdom and power of a ‘cloud-first’ testing strategy. Artificial Intelligence requires significant computing power and the cloud allows you to harness this,” said Functionize’s CEO and Founder Tamas Cser, in a prepared statement.
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Functionize raised $2.5 million in an initial round in February of last year, according to Crunchbase.
“I have been an active investor in the enterprise software industry over the last 20 plus years," said Canvas Ventures General Partner Gary Little, in a prepared statement. "I recently became convinced that the quality assurance software development market is ripe for disruption. I could see this in my own portfolio companies. In seeking out an investment in the most innovative company, I found Functionize and quickly became convinced it had the most compelling solution for the market need.”